For Sale
$8,895,000

2150 Freeman RdFife, WA 98371

High-cashflow, NNN-leased medical facility.

Overview

Added:
Dec 11, 2024
Days on market:
118
Exceptional investment opportunity: a 14,504-square-foot Class B medical office building in Puyallup, WA (Pierce County, zip code 98371), situated on a 0.84-acre lot (APN 0420082099). This fee-simple property boasts a strong 6.71% cap rate and a substantial net operating income (NOI) of $596,695. Currently 100% occupied by a single corporate-guaranteed tenant under a triple-net (NNN) lease expiring November 29, 2029, offering a remaining lease term of five years. The building, constructed in 2012, features high-quality masonry and a roof warranty extending to April 9, 2027. The property functions as a 32-bed behavioral health facility, benefiting from established relationships with nearby hospitals. A nearly $1,000,000 expansion, funded by a state grant, has enhanced the facility's capabilities. The asking price is $8,895,000, representing a price per square foot well below replacement cost. The tenant is open to facilitating a smooth operational transition for a new owner, minimizing downtime. This prime location offers easy access to multiple hospitals within a 15-minute drive in Tacoma, Puyallup, Federal Way, and Auburn, ensuring a robust referral network. This presents a compelling opportunity for owner-users seeking established operations and significant cash flow.

Highlights

  • $8,895,000 asking price for a 14,504 SF Class B medical office building.
  • Net lease investment opportunity with a corporate guarantee.
  • 100% occupancy with a remaining lease term of 5 years (expiring 11/29/2029) and a 6.71% cap rate.
  • $596,695 annual net operating income (NOI).
  • 32-bed behavioral health facility built in 2012 on a 0.84-acre lot in Puyallup, WA (Seattle-Tacoma MSA).

Property Details for 2150 Freeman Rd

Property type
Office properties, Medical offices
Square Feet
14,504 SF
Class
B
Year Built
2012
Lot Size (sq. ft)
36,590 SF

Location Insight

City
Fife
County
Pierce
State
Washington
Latitude
47.23822141
Longitude
-122.32723166
2150 Freeman Rd, Fife, Washington

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2150 Freeman Rd
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